Question

Refers to the practice of contracting with third-party companies or vendors outside the organization to deliver products and services to customers or produce products.

Answer 1

Outsourcing is the practice of hiring external contractors to deliver products and services or produce products. It involves contracting with third-party companies outside the organization. Outsourcing can provide cost-effective solutions and access specialized expertise.

Step-by-step explanation:

Outsourcing refers to the practice of contracting with third-party companies or vendors outside the organization to deliver products and services to customers or produce products. It involves hiring labor from external sources, often in another country. This practice can help companies access cheaper labor markets and gain specialized expertise.